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- What – According to the announcement, the project will enable users to make payments in crypto at stores via Binance Pay.
- Why – The report noted that the program would pilot only in Ingenico Axium payment terminals in France in the second quarter of 2023.
- What Next – Binance revealed the news in an announcement.
Crypto has reached another milestone in adoption as a partnership of Binance with a cloud-based payment platform, Ingenico, enables crypto payments in France.
Binance’s New Approach To Crypto-Fiat Payment
Binance has aggressively expanded its operations worldwide while launching projects to bring web2 and web3 financial services together. The new payment solution is an example of such a project.
As of now, the program supports over 50 cryptocurrencies. Initially, Merchants could only deposit cryptocurrency, but the new partnership introduced a crypto-to-fiat solution to allow merchants to receive fiat payments.
Also, the announcement noted that the pilot would start with two French merchants, Le Carlie, and Miss Opéra, in the retail and hospitality sectors. Although the pilot is kicking off in France, other Binance crypto payment-approved European countries will follow.
Crypto payments just got easier in France 🇫🇷
We've recently partnered with @ingenico, a global payment solutions provider, to enable users to pay in crypto through #Binance Pay.
Another milestone for global crypto adoption 🤝 pic.twitter.com/S8f8Pab7nW
— Binance (@binance) February 22, 2023
The move aligns with Binance’s aggressive service expansion strategy, as the firm has already started making moves in several countries across the globe. Binance added France, Italy, Lithuania, Spain, Cyprus, Polan, and Sweden to its list of approved countries for crypto operations.
Notably, in-store payment devices require some integration to start accepting cryptocurrencies. But Binance claims its new fiat-to-crypto solution is all-in-one, allowing easy merchant and customer onboarding.
In a statement, the head of Binance Card and Binance Pay, Jonathan Lim, commented that the payment solution is a new market approach to ensure easy access to crypto payments for customers.
Similar Projects By Binance and Other Firms
Over the past year, Binance has initiated several payment solutions across the globe. It launched a new partnership with Mastercard to offer a prepaid crypto card in Brazil on January 30. The card issuer is Dock, a Brazilian Central Bank-regulated payment institution.
According to the report, the card will allow new and existing Binance customers in Brazil with valid IDs to make payments in cryptocurrency. Binance disclosed that the card is already beta testing and will go public soon.
In August 2022, Binance partnered with Mastercard to launch a crypto card payment solution in Argentina. The report noted that the card would allow Binance’s clients in Argentina to withdraw crypto in fiat money at ATM terminals. Also, it would enable Binance’s Argentina customers to purchase from about 90 million offline and online Mastercard-enabled merchants.
In 2020, the crypto exchange announced a similar program for Ukrainian refugees. The cryptocurrency exchange teamed with Visa to launch a card to allow refugees to make crypto transactions and receive money. Binance also worked with several entities, including Rotary, Palianytsia, and the European banking service platform Contis.
Many crypto-based firms have tried similar projects to bridge fiat and crypto payments. For example, on February 10, Bit2Me announced a Mastercard partnership to roll out debit cards allowing crypto cashback for its customers.
The new offer allows Bit2Me customers to enjoy a 9% cashback on all online and in-store purchases made with the debit card.
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